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Netflix Inc. (NASDAQ: NFLX) is reportedly exploring a potential bid to acquire Warner Bros Discovery’s (NASDAQ: WBD) film, television, and streaming assets, according to a Reuters report on Thursday. The streaming giant has hired investment bank Moelis & Co to advise on a possible offer. Moelis previously played a key role in Skydance Media’s successful acquisition of Paramount Global, highlighting its expertise in major entertainment mergers.
The move comes as Netflix evaluates strategic opportunities to expand its content portfolio amid intensifying competition in the global streaming market. Warner Bros Discovery, home to HBO, CNN, TNT, and Food Network, has recently attracted significant takeover interest following reports that it received three unsolicited offers from Paramount Skydance Corp (NASDAQ: PSKY).
Interestingly, Netflix CEO Ted Sarandos stated just last week that the company had “no interest” in acquiring traditional or legacy media assets. However, sources indicate that Netflix’s leadership may be reassessing that stance as Warner Bros considers restructuring or splitting its entertainment divisions. Under this potential split, Warner Bros would separate its film and TV studios and HBO assets from its linear television networks.
Comcast Corp (NASDAQ: CMCSA) has also been reported as a potential suitor for Warner Bros, signaling a possible bidding war among the biggest players in the entertainment and media industry. Analysts note that a Netflix-Warner Bros merger could significantly reshape the streaming landscape by merging Netflix’s global subscriber base with Warner Bros’ extensive content library, including franchises like “Harry Potter,” “DC,” and “Game of Thrones.”
As talks remain preliminary, the potential acquisition underscores the ongoing consolidation trend within Hollywood, where streaming powerhouses are seeking new ways to strengthen their market dominance and secure premium content for a growing global audience.
